Traverse City USDA Loan Rates, Closing Costs & Stats
Traverse City, MI
USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.
Traverse City's 2 lenders originated 3 USDA loans during 2023. The total origination value was $605,000, with an average USDA loan value of $201,667.
Traverse City USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Traverse City
averaged
6.8%
for the week of 2025-02-14, compared to the national average (all USDA variants) of
6.526% for the same period.
Traverse City's average USDA mortgage closing costs are $5,085.
The average rate for the prior week (2025-02-07) was
6.76% and
one month ago for the week of 2025-01-10, the
average rate was 6.51%.
The average rate one year ago was 6.5%.
For refis of the same type during the week of 2025-02-14, the average rate
was 7.45%.
Traverse City USDA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Traverse City level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| CARDINAL FINANCIAL | 1 | 6.25% | $7,595 |
| GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION | 1 | 6.75% | $9,694 |
The top Traverse City USDA lender as defined by loan originations is CARDINAL FINANCIAL, with
1 USDA loans originated. Their average total fees are
$7,595, which is $2,099
lower than the next largest lender,
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION.
The lowest fee Traverse City USDA lenders (with over 10 loans originated) are
.
The lowest rate Traverse City USDA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Traverse City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $327,650 (6.7%) | $460,418 (4.0%) | 1.21 | 1,136 |
| 2018-02-01 | $325,000 (6.8%) | $461,184 (6.5%) | 1.18 | 1,108 |
| 2018-03-01 | $324,950 (8.3%) | $457,845 (6.0%) | 1.14 | 1,155 |
| 2018-04-01 | $325,000 (8.4%) | $464,115 (10.2%) | 1.10 | 1,228 |
| 2018-05-01 | $329,250 (10.0%) | $468,541 (10.4%) | 1.10 | 1,367 |
| 2018-06-01 | $325,000 (8.1%) | $461,995 (7.0%) | 1.08 | 1,582 |
| 2018-07-01 | $318,750 (-0.1%) | $450,046 (0.7%) | 1.06 | 1,745 |
| 2018-08-01 | $315,000 (-1.6%) | $448,761 (-1.8%) | 1.06 | 1,772 |
| 2018-09-01 | $309,250 (-3.1%) | $447,667 (-1.1%) | 1.04 | 1,742 |
| 2018-10-01 | $301,225 (-6.5%) | $447,610 (-2.1%) | 1.02 | 1,680 |
| 2018-11-01 | $309,500 (-5.3%) | $454,225 (-2.6%) | 1.05 | 1,582 |
| 2018-12-01 | $310,500 (-5.6%) | $466,265 (-1.0%) | 1.07 | 1,374 |
| 2019-01-01 | $309,892 (-5.4%) | $466,426 (1.3%) | 1.07 | 1,248 |
| 2019-02-01 | $305,350 (-6.1%) | $463,499 (0.5%) | 1.03 | 1,211 |
| 2019-03-01 | $318,314 (-2.0%) | $468,581 (2.3%) | 1.04 | 1,211 |
| 2019-04-01 | $324,950 (0.0%) | $470,084 (1.3%) | 1.03 | 1,227 |
| 2019-05-01 | $329,000 (-0.1%) | $473,545 (1.1%) | 1.03 | 1,345 |
| 2019-06-01 | $329,900 (1.5%) | $479,102 (3.7%) | 1.03 | 1,530 |
| 2019-07-01 | $330,000 (3.5%) | $483,432 (7.4%) | 1.03 | 1,606 |
| 2019-08-01 | $329,155 (4.5%) | $481,978 (7.4%) | 1.04 | 1,595 |
| 2019-09-01 | $327,886 (6.0%) | $477,557 (6.7%) | 1.05 | 1,564 |
| 2019-10-01 | $338,541 (12.4%) | $487,750 (9.0%) | 1.09 | 1,350 |
| 2019-11-01 | $349,000 (12.8%) | $502,983 (10.7%) | 1.14 | 1,075 |
| 2019-12-01 | $349,450 (12.5%) | $510,393 (9.5%) | 1.17 | 970 |
| 2020-01-01 | $349,000 (12.6%) | $513,515 (10.1%) | 1.17 | 872 |
| 2020-02-01 | $369,000 (20.8%) | $536,054 (15.7%) | 1.21 | 786 |
| 2020-03-01 | $379,900 (19.4%) | $541,905 (15.7%) | 1.19 | 775 |
| 2020-04-01 | $387,400 (19.2%) | $542,869 (15.5%) | 1.21 | 799 |
| 2020-05-01 | $395,000 (20.1%) | $560,489 (18.4%) | 1.20 | 856 |
| 2020-06-01 | $399,450 (21.1%) | $576,902 (20.4%) | 1.18 | 877 |
| 2020-07-01 | $389,450 (18.0%) | $593,931 (22.9%) | 1.13 | 767 |
| 2020-08-01 | $385,000 (17.0%) | $594,686 (23.4%) | 1.10 | 713 |
| 2020-09-01 | $379,800 (15.8%) | $593,594 (24.3%) | 1.09 | 611 |
| 2020-10-01 | $379,900 (12.2%) | $622,348 (27.6%) | 1.09 | 544 |
| 2020-11-01 | $388,500 (11.3%) | $646,632 (28.6%) | 1.14 | 464 |
| 2020-12-01 | $379,200 (8.5%) | $638,267 (25.1%) | 1.13 | 421 |
| 2021-01-01 | $389,000 (11.5%) | $592,696 (15.4%) | 1.16 | 342 |
| 2021-02-01 | $410,000 (11.1%) | $633,807 (18.2%) | 1.19 | 274 |
| 2021-03-01 | $424,400 (11.7%) | $700,259 (29.2%) | 1.20 | 270 |
| 2021-04-01 | $427,100 (10.3%) | $715,891 (31.9%) | 1.16 | 260 |
| 2021-05-01 | $449,000 (13.7%) | $717,080 (27.9%) | 1.19 | 317 |
| 2021-06-01 | $475,000 (18.9%) | $749,391 (29.9%) | 1.25 | 354 |
| 2021-07-01 | $450,000 (15.6%) | $739,264 (24.5%) | 1.19 | 372 |
| 2021-08-01 | $455,000 (18.2%) | $732,227 (23.1%) | 1.21 | 388 |
| 2021-09-01 | $450,000 (18.5%) | $740,610 (24.8%) | 1.20 | 376 |
| 2021-10-01 | $434,900 (14.5%) | $742,207 (19.3%) | 1.16 | 355 |
| 2021-11-01 | $424,900 (9.4%) | $762,077 (17.9%) | 1.14 | 312 |
| 2021-12-01 | $429,900 (13.4%) | $773,135 (21.1%) | 1.16 | 261 |
| 2022-01-01 | $450,000 (15.7%) | $793,090 (33.8%) | 1.22 | 237 |
| 2022-02-01 | $453,450 (10.6%) | $811,637 (28.1%) | 1.18 | 204 |
| 2022-03-01 | $492,500 (16.1%) | $844,214 (20.6%) | 1.23 | 206 |
| 2022-04-01 | $485,000 (13.6%) | $862,664 (20.5%) | 1.16 | 214 |
| 2022-05-01 | $499,000 (11.1%) | $857,224 (19.5%) | 1.14 | 298 |
| 2022-06-01 | $499,500 (5.2%) | $860,393 (14.8%) | 1.11 | 389 |
| 2022-07-01 | $534,950 (18.9%) | $813,042 (10.0%) | 1.21 | 507 |
| 2022-08-01 | $520,000 (14.3%) | $790,376 (7.9%) | 1.20 | 529 |
| 2022-09-01 | $506,750 (12.6%) | $780,532 (5.4%) | 1.18 | 483 |
| 2022-10-01 | $499,950 (15.0%) | $764,063 (2.9%) | 1.18 | 472 |
| 2022-11-01 | $481,050 (13.2%) | $748,948 (-1.7%) | 1.16 | 430 |
| 2022-12-01 | $479,900 (11.6%) | $763,714 (-1.2%) | 1.18 | 361 |
| 2023-01-01 | $464,950 (3.3%) | $773,499 (-2.5%) | 1.15 | 286 |
| 2023-02-01 | $485,975 (7.2%) | $786,699 (-3.1%) | 1.17 | 293 |
| 2023-03-01 | $486,475 (-1.2%) | $794,078 (-5.9%) | 1.15 | 293 |
| 2023-04-01 | $499,000 (2.9%) | $809,578 (-6.2%) | 1.16 | 315 |
| 2023-05-01 | $534,000 (7.0%) | $827,017 (-3.5%) | 1.21 | 367 |
| 2023-06-01 | $524,500 (5.0%) | $811,622 (-5.7%) | 1.18 | 451 |
| 2023-07-01 | $497,500 (-7.0%) | $772,506 (-5.0%) | 1.13 | 508 |
| 2023-08-01 | $495,000 (-4.8%) | $757,657 (-4.1%) | 1.14 | 514 |
| 2023-09-01 | $499,000 (-1.5%) | $755,802 (-3.2%) | 1.16 | 556 |
| 2023-10-01 | $499,000 (-0.2%) | $747,081 (-2.2%) | 1.17 | 565 |
| 2023-11-01 | $477,250 (-0.8%) | $722,174 (-3.6%) | 1.14 | 559 |
| 2023-12-01 | $485,000 (1.1%) | $724,312 (-5.2%) | 1.18 | 469 |
| 2024-01-01 | $459,188 (-1.2%) | $675,119 (-12.7%) | 1.12 | 390 |
| 2024-02-01 | $459,375 (-5.5%) | $694,065 (-11.8%) | 1.11 | 391 |
| 2024-03-01 | $480,000 (-1.3%) | $700,635 (-11.8%) | 1.13 | 428 |
| 2024-04-01 | $464,950 (-6.8%) | $723,188 (-10.7%) | 1.08 | 489 |
| 2024-05-01 | $479,900 (-10.1%) | $745,132 (-9.9%) | 1.09 | 565 |
| 2024-06-01 | $495,000 (-5.6%) | $791,026 (-2.5%) | 1.11 | 645 |
| 2024-07-01 | $479,900 (-3.5%) | $780,695 (1.1%) | 1.10 | 735 |
| 2024-08-01 | $475,000 (-4.0%) | $761,650 (0.5%) | 1.10 | 769 |
| 2024-09-01 | $479,450 (-3.9%) | $766,049 (1.4%) | 1.13 | 791 |
| 2024-10-01 | $472,450 (-5.3%) | $767,962 (2.8%) | 1.11 | 760 |
| 2024-11-01 | $449,900 (-5.7%) | $751,211 (4.0%) | 1.08 | 712 |
| 2024-12-01 | $441,875 (-8.9%) | $745,426 (2.9%) | 1.10 | 621 |
| 2025-01-01 | $448,750 (-2.3%) | $728,253 (7.9%) | 0.00 | 497 |
Traverse City's median listing price comes in at 0% of the national average.
Traverse City's average listing price for 2025-01-01 was $728,253, a difference of $53,134 (7.9%) versus the prior year and $-17,173 versus the prior month.
For the 2025-01-01 period, Traverse City had 497 MLS listings, a difference of -124 listings (-20%) versus the prior month and 107 listings (27%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Traverse City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 121 days | 1,703 sqft |
| 2018-02-01 | 122 days | 1,700 sqft |
| 2018-03-01 | 127 days | 1,719 sqft |
| 2018-04-01 | 84 days | 1,718 sqft |
| 2018-05-01 | 55 days | 1,750 sqft |
| 2018-06-01 | 48 days | 1,778 sqft |
| 2018-07-01 | 56 days | 1,771 sqft |
| 2018-08-01 | 66 days | 1,793 sqft |
| 2018-09-01 | 75 days | 1,800 sqft |
| 2018-10-01 | 80 days | 1,739 sqft |
| 2018-11-01 | 85 days | 1,717 sqft |
| 2018-12-01 | 100 days | 1,725 sqft |
| 2019-01-01 | 111 days | 1,681 sqft |
| 2019-02-01 | 117 days | 1,638 sqft |
| 2019-03-01 | 101 days | 1,631 sqft |
| 2019-04-01 | 76 days | 1,640 sqft |
| 2019-05-01 | 50 days | 1,660 sqft |
| 2019-06-01 | 46 days | 1,700 sqft |
| 2019-07-01 | 54 days | 1,709 sqft |
| 2019-08-01 | 60 days | 1,713 sqft |
| 2019-09-01 | 67 days | 1,719 sqft |
| 2019-10-01 | 76 days | 1,732 sqft |
| 2019-11-01 | 89 days | 1,722 sqft |
| 2019-12-01 | 101 days | 1,692 sqft |
| 2020-01-01 | 114 days | 1,651 sqft |
| 2020-02-01 | 106 days | 1,628 sqft |
| 2020-03-01 | 78 days | 1,618 sqft |
| 2020-04-01 | 83 days | 1,652 sqft |
| 2020-05-01 | 81 days | 1,732 sqft |
| 2020-06-01 | 72 days | 1,781 sqft |
| 2020-07-01 | 60 days | 1,972 sqft |
| 2020-08-01 | 68 days | 1,892 sqft |
| 2020-09-01 | 73 days | 1,828 sqft |
| 2020-10-01 | 64 days | 1,792 sqft |
| 2020-11-01 | 67 days | 1,665 sqft |
| 2020-12-01 | 77 days | 1,604 sqft |
| 2021-01-01 | 80 days | 1,608 sqft |
| 2021-02-01 | 79 days | 1,584 sqft |
| 2021-03-01 | 49 days | 1,625 sqft |
| 2021-04-01 | 44 days | 1,660 sqft |
| 2021-05-01 | 37 days | 1,708 sqft |
| 2021-06-01 | 38 days | 1,823 sqft |
| 2021-07-01 | 40 days | 1,794 sqft |
| 2021-08-01 | 40 days | 1,756 sqft |
| 2021-09-01 | 42 days | 1,771 sqft |
| 2021-10-01 | 54 days | 1,753 sqft |
| 2021-11-01 | 58 days | 1,741 sqft |
| 2021-12-01 | 66 days | 1,622 sqft |
| 2022-01-01 | 68 days | 1,545 sqft |
| 2022-02-01 | 72 days | 1,510 sqft |
| 2022-03-01 | 64 days | 1,515 sqft |
| 2022-04-01 | 44 days | 1,531 sqft |
| 2022-05-01 | 30 days | 1,672 sqft |
| 2022-06-01 | 31 days | 1,806 sqft |
| 2022-07-01 | 33 days | 1,800 sqft |
| 2022-08-01 | 47 days | 1,770 sqft |
| 2022-09-01 | 58 days | 1,741 sqft |
| 2022-10-01 | 61 days | 1,700 sqft |
| 2022-11-01 | 70 days | 1,648 sqft |
| 2022-12-01 | 87 days | 1,603 sqft |
| 2023-01-01 | 81 days | 1,628 sqft |
| 2023-02-01 | 60 days | 1,567 sqft |
| 2023-03-01 | 56 days | 1,567 sqft |
| 2023-04-01 | 52 days | 1,632 sqft |
| 2023-05-01 | 42 days | 1,679 sqft |
| 2023-06-01 | 38 days | 1,761 sqft |
| 2023-07-01 | 40 days | 1,765 sqft |
| 2023-08-01 | 51 days | 1,714 sqft |
| 2023-09-01 | 48 days | 1,708 sqft |
| 2023-10-01 | 51 days | 1,719 sqft |
| 2023-11-01 | 59 days | 1,608 sqft |
| 2023-12-01 | 80 days | 1,581 sqft |
| 2024-01-01 | 82 days | 1,519 sqft |
| 2024-02-01 | 67 days | 1,525 sqft |
| 2024-03-01 | 47 days | 1,550 sqft |
| 2024-04-01 | 44 days | 1,538 sqft |
| 2024-05-01 | 43 days | 1,555 sqft |
| 2024-06-01 | 44 days | 1,580 sqft |
| 2024-07-01 | 45 days | 1,626 sqft |
| 2024-08-01 | 53 days | 1,608 sqft |
| 2024-09-01 | 59 days | 1,594 sqft |
| 2024-10-01 | 68 days | 1,621 sqft |
| 2024-11-01 | 74 days | 1,616 sqft |
| 2024-12-01 | 90 days | 1,584 sqft |
| 2025-01-01 | 0 days | 1,569 sqft |
Traverse City's median square footage for active listings during the 2025-01-01 period was 1,569 sqft. One year prior, the average listing was 1,519 sqft.